Snap, Inc., the Los Angeles, CA-based company behind the popular messaging app Snapchat, launched its IPO today.
Snap priced its initial public offering of 200,000,000 shares of Class A common stock at a price to the public of $17 per share, for a total offering size of $3.4 billion. The company is issuing and selling 145,000,000 shares of Class A common stock and the selling stockholders are selling an additional 55,000,000 shares of Class A common stock.
The shares are expected to begin trading on the New York Stock Exchange under the symbol “SNAP.”
In addition, the company and some of the selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 30,000,000 shares of Class A common stock at the initial public offering price less the underwriting discount.
Morgan Stanley, Goldman, Sachs & Co., J.P. Morgan, Deutsche Bank Securities, Barclays, Credit Suisse and Allen & Company LLC are acting as book-running managers for the offering.
Investors in the company included Coatue Management, Fidelity Investments, General Atlantic, Glade Brook Capital, Institutional Venture Partners, Lone Pine Capital, Sequoia Capital, and T. Rowe Price. Find all of the info about the company and its growth here.